Bitcoin hit another low this morning, trading at $7,400 per coin according to major exchanges. It seems that when Bitcoin is going down, almost all altcoins are also plunging. After India and China went against Bitcoin, and with the recent news that major banks such as JPMorgan, Lloyds Banking Group and more, are banning Bitcoin purchases with credit cards.
More recently though, China went “all in” against Bitcoin.
Tyler Durden from Zero Hedge reported:
“On February 4, 2018, according to the Financial Times newspaper run by the People’s Bank of China, a series of regulatory measures will be taken against ICO and virtual currency transactions at home and abroad, including banning the existence of relevant businesses and banning and disposing of domestic and foreign virtual currency exchange websites.”
Bitcoin just cannot “get enough” of regulations these days.
And while this “anti-Bitcoin” movement drives the price down every day, the technology behind Bitcoin, blockchain, thrives on newer and newer horizons constantly. It seems that the coin itself is the problem, and not the mechanism on which it is built. Blockchain has disrupted multiple industries from real estate to the Russian dairy industry. Now, more US companies are trying to take advantage of the technology.
One very recent example of blockchain being utilized comes from Maersk and IBM. Maersk is an integrated transport and logistics company with multiple brands and one of the global leaders in container shipping and ports.
Maersk and IBM have announced a joint venture that will provide more efficient and secure methods for conducting global trade using blockchain technology.
Maersk chief commercial officer and future chairman of the board of the new joint venture Vincent Clerc said:
“This new company marks a milestone in our strategic efforts to drive the digitisation of global trade. The potential from offering a neutral, open digital platform for safe and easy ways of exchanging information is huge, and all players across the supply chain stand to benefit.”
Global shippers, customs and government authorities and ports including APM Terminals and PSA are already exploring collaborating with the platform. The truth is that the shipping sector has not seen many innovations in recent years, so the partnership between IBM and Maersk can bring a series of benefits to the industry as a whole. The timeline of the venture is not yet clear, though the product is expected to be ready in mid-2018.